The Hartford Financial Services Group, Inc. said it had purchased $247.5 million in catastrophe reinsurance from a Cayman Islands operation that financed the deal by issuing risk-linked securities.
Foundation Re II Ltd.--a special-purpose reinsurance company incorporated in the Cayman Islands--is providing a multi-year, collateralized reinsurance program financed through the issuance of risk-linked securities to the capital markets.
The insurer said the new reinsurance coverage is designed to complement The Hartford's existing reinsurance and state-specific insurance programs and to enhance its ability to manage risk related to large natural catastrophe losses.
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